Port Alberni, BC – Catalyst Paper (TSX:CTL) today announced $4.7 million in Federal funding approval for a capital upgrade at its Port Alberni mill. This will improve the efficiency and reliability of biomass-based energy generation, while further reducing greenhouse gas and other air emissions. The project is funded entirely by the Pulp and Paper Green Transformation Program (PPGTP) credits, earned through production of black liquor at the Crofton pulp operation in 2009.
Richmond, B.C. – Catalyst Paper Corporation (TSX:CTL) today announced that it has elected to redeem on February 11, 2011 all its outstanding 8 5/8% Senior Notes due June 15, 2011, in an aggregate principal amount of U.S.$26,027,000, at a redemption price of 100% of the face value of these Senior Notes.
Richmond, (BC) – Catalyst Paper (TSX:CTL) posted net earnings of $6.0 million ($0.02 per common share) on sales of $322.3 million during the third quarter of 2010. This contrasts with a net loss of $368.4 million ($0.96 per common share) on sales of $299.4 million in the prior quarter. While second quarter results were significantly impacted by impairment, severances and other closure costs of $302.0 million, improvement in the most recent quarter also reflects better paper market conditions and operational performance.
Richmond, BC – Catalyst Paper (TSX:CTL) today announced several changes to its board of directors which take effect July 30, 2010.
Assuming the role of chairman is Benjamin Duster IV, former chairman of Algoma Steel. Mr. Duster joined the Catalyst board in December 2006 bringing 20 years of Wall Street experience. He is a graduate of Harvard Business and Harvard Law Schools and was admitted to the Illinois Bar in 1985. Mr. Duster is a director on several corporate boards including Jazz Air Holding GP Inc.
Richmond, (BC) – Catalyst Paper (TSX:CTL) recorded a net loss of $368.4 million ($0.96 per common share) on sales of $299.4 million for the second quarter of 2010. Results were significantly impacted by after-tax impairment and closure costs of $302.0 million on the permanent closure of the Elk Falls and Paper Recycling Divisions.
Richmond (BC) – Catalyst Paper (TSX:CTL) announced today that it is permanently closing its Elk Falls paper mill near Campbell River, British Columbia in September. This facility has been indefinitely curtailed since February 2009.
“Today’s news is a disappointing outcome for mill employees and families, for the community, and for our business,” said Catalyst President and CEO Kevin J. Clarke. “The steep decline in commodity paper markets, coupled with uncompetitive labour and tax costs were contributing factors that could not be overcome.”
Richmond, (BC) — Catalyst Paper (TSX:CTL) will pay its full municipal property tax bill in three of the four municipalities that host its BC paper mills, but is seeking leave from the Supreme Court of Canada to appeal a recent court decision involving the fourth municipality. Catalyst said today that it will pay more than $15 million in municipal taxes to Powell River, Campbell River, Port Alberni and the District of North Cowichan.
Richmond, BC – Catalyst Paper (TSX:CTL) announced, today, the appointment of Kevin J. Clarke as President and Chief Executive Officer. Mr. Clarke is a seasoned print industry executive bringing nearly three decades of experience with World Color (Quebecor World) to his new role at Catalyst.
Richmond, BC – Catalyst Paper Corporation (TSX:CTL) today appointed four new members to its Board of Directors.
“I would like to welcome the new directors who bring extensive global business and finance experience as we continue to manage the impacts of industry consolidation and restructuring,” said Board Chairman Michel Desbiens.
Richmond, BC – Catalyst
Richmond, BC – Catalyst Paper Corporation (TSX:CTL) today announced that it has entered into an agreement to sell to certain initial purchasers on a private placement basis US$110 million in aggregate principal amount of Class B 11% senior secured notes due December 15, 2016 at an offering price of 86.000% of the principal amount. The initial purchasers may retain the Class B senior secured notes for their own accounts and/or may resell the Class B senior secured notes to qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”).
Richmond, (BC) – Catalyst Paper (TSX:CTL) has recorded a net loss attributable to the company of $44.1 million ($0.12 per common share) on sales of $273.3 million for the first quarter of 2010. The net loss increased from $35.8 million in the preceding quarter ($0.09 per common share), due to declining specialty printing paper prices and additional production curtailment. Higher restructuring, input and maintenance costs further impacted Q1 results.
Richmond, (BC) – Catalyst Paper will seek leave to appeal to the Supreme Court of Canada, following dismissal of its appeal concerning the North Cowichan 2009 tax bylaw by the Court of Appeal for British Columbia. In its April 22nd decision, the Appeal Court declined to strike down the tax bylaw while calling the “extreme imbalance” perpetuated by the District of North Cowichan a political problem requiring a policy decision by elected officials.
Powell River, BC – Catalyst Paper and the City of Powell River have inked an agreement in principle to achieve the twin objectives of reducing the Class 4 property tax rate paid by the company’s Powell River mill while assisting the City in reducing significantly its capital expenditures for future municipal service infrastructure.
“Council committed to looking for solutions to the major industry property tax in Powell River,”
said Mayor Stewart Alsgard. “We have held frank, realistic discussions with Catalyst culminating in a very positive outcome that reflects the needs of the community and provides for a way forward under challenging circumstances.”
Richmond, BC – Catalyst Paper (TSX:CTL) today announced that Richard Garneau, the company’s chief executive officer, will be leaving the company on April 28, 2010, following the company’s annual meeting of shareholders. Mr. Garneau advised the Board of Directors today that for personal reasons he will be moving back to eastern Canada to be closer to his family.
Richmond, BC – Catalyst Paper Corporation (TSX:CTL) today announced that it has amended the terms of its private exchange offer and consent solicitation (the “Exchange Offer”) for its outstanding 8 5/8% Senior Notes due June 15, 2011 (the “Old Notes”).
As a result of this amendment, an amended and restated offering memorandum (the “Amended Offering Memorandum”), reflecting the terms of the amended Exchange Offer, will be made available to Eligible Holders (as defined below) as soon as possible.
November 3, 2009 Catalyst posts improved results but market challenges persist Richmond, (BC) – Catalyst Paper (TSX:CTL) recorded net earnings of $13.2 million ($0.03 per common share) on sales of $263.4 million for the third quarter of 2009 compared to a net loss of $1.9 million ($0.01 per common share) on sales of $291.5 million in the second